U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins and Commissioner Hester Peirce issued separate statements on Aug. 5, 2025, addressing the agency’s updated view on liquid staking under federal securities laws. The Division of Corporation Finance released a clarification indicating that liquid staking arrangements associated with protocol staking generally do not constitute the offer or sale of securities. Atkins, writing on social media platform X, reinforced the SEC’s commitment to regulatory clarity:

Under my leadership, the SEC is committed to providing clear guidance on the application of the federal securities laws to emerging technologies and financial activities.

Market participants interpreted the statement as a significant recognition of blockchain infrastructure within traditional regulatory frameworks, despite remaining questions around other staking formats.

The Division’s analysis highlighted the role of liquid staking tokens (LSTs), which are issued when crypto holders stake assets through a protocol, delegate, or third party. These tokens represent both legal and beneficial ownership of the underlying assets and enable users to transfer value across blockchain networks or engage in decentralized finance without initiating the unstaking process. The SEC compared this mechanism to receipt-based systems in conventional markets, such as warehouse receipts or bills of lading, which serve as evidence of ownership without involving a securities offering.

SEC Commissioner Peirce endorsed the Division’s conclusion, stating:

Today’s statement clarifies the Division’s view that liquid staking activities in connection with protocol staking do not involve the offer and sale of securities. Instead, it is a variant on the longstanding practice of depositing goods with an agent who performs a ministerial function in exchange for a receipt that evidences ownership of the goods.

She credited Cicely LaMothe, Acting Director of the Division, for her team’s work and encouraged further engagement through the SEC’s Crypto Task Force for stakeholders seeking additional clarification or offering feedback.

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